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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Lucretius who started this subject	10/10/2000 6:31:51 PM
From: jjetstream	Read Replies (1) of 436258

YHOO Conference Call Holly Becker of Lehman Brothers reports from the YHOO conference. Operating profit margins were inline with long-term targets of 36.1% Sales and marketing expenses made up about 37% of revenue. She feels that this may just be a way for YHOO to stay conservative in this area by announcing this number. They have always been conservative here in the past and that may not change when all is said and done. Cash and securities on hand were up $233 million, but ad clients were down due to financial pressures on their clients. However, this means that the top-200 clients for YHOO are still making up 60% of revenue. 40% of sales are coming from dotcom exposure, which comes as a bit of a shock to Becker. It has come in at the high end of expectations. They need to raise marketing costs as a percentage of sales going forward. The Q&A part of the conference has not started and she is sure that will be one of the first issues raised. Going forward, she feels that they need to address more during this meeting before she can give any sort of guidance. Koogle, and crew not giving any guidance for 4Q ad revs....opppss <g>

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